Agnico Eagle Reports Record Gold Production and Financial Growth in 2024

February 13, 2025 09:22 PM PST | By Team Kalkine Media

Agnico Eagle Reports Record Gold Production and Financial Growth in 2024 — Image source: shutterstock

Q4 2024: Production and Financial Gains

Agnico Eagle reported 847,401 ounces of payable gold production in Q4 2024 at an all-in sustaining cost (AISC) of $1,316 per ounce. The company’s net income reached $509 million, while adjusted net income set a new quarterly record at $632 million ($1.26 per share).

Cash flow remained robust, with record cash from operations of $1.13 billion and free cash flow of $570 million ($1.14 per share). The financial results were driven by operational performance and disciplined cost management.

Full-Year 2024: Record Production and Cash Flow

For the full year, Agnico Eagle produced 3.49 million ounces of gold, exceeding the midpoint of its guidance range. Total cash costs per ounce were $903, while AISC per ounce stood at $1,239, aligning with company projections.

Operational efficiencies contributed to record annual throughput and mining rates, supporting a free cash flow generation of $2.14 billion. Meanwhile, the company’s financial position strengthened as net debt was reduced from $1.50 billion to $217 million by year-end.

Reserves & Expansion: Increasing Gold Resources

At the close of 2024, Agnico Eagle’s gold mineral reserves grew 0.9% to a record 54.3 million ounces. The increase was largely driven by technical assessments at the Upper Beaver project and newly declared reserves at the Wasamac project. Meanwhile, inferred mineral resources rose 9.5% to 36.2 million ounces, reinforcing the company’s long-term growth potential.

Shareholder Returns & Debt Reduction

Agnico Eagle maintained its commitment to shareholder value, declaring a $0.40 per share dividend for Q4 2024. The company also repurchased 248,700 common shares for a total of $20 million as part of its ongoing share buyback program.

To further enhance financial flexibility, the company repaid $325 million in debt from its 2023 acquisition of Yamana Gold’s Canadian assets, bringing total outstanding debt to $1.14 billion.

Outlook for 2025-2027: Stable Production, Strategic Growth

Looking ahead, Agnico Eagle projects steady gold production of 3.3 to 3.5 million ounces annually from 2025 to 2027. The 2027 forecast has improved due to expected contributions from key assets like East Gouldie at Canadian Malartic, LaRonde, and Macassa, which will offset production declines at other sites.

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